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SENASTE
We raise our forecasts for Actic Group, the leading Nordic gym club operator, following the Q3 results bettering our estimates. We now assume a continuing y/y improvement in memberships and in ARPM to drive sales growth of closer to 3% in the next full year; and for EBITA to improve from about SEK 30m in 2023E, to SEK 47m. At current share levels, this equates to a 2024E EV/EBITA of 12x. We reiterate our DCF based mid-point equity value of SEK 8 per share in Actic Group.
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